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Apple’s (NASDAQ:AAPL) nightmares continued on Monday as the stock dropped 2.49 percent to $442.32 even though there wasn’t a particularly obvious negative pull for it. Here are some of the top stories related to the company through the day:
Gunderson Capital Management chief executive Bill Gunderson provided the main pessimistic view on Monday, writing that the company’s stock was dead money for now and recommending staying out of it. The investment specialist believes Apple remains in a downtrend and is still searching for its bottom. According to Gunderson, while in the past Apple’s stock had always recovered after a bout of profit taking and marched on to new highs, this time is turning out to be different. “Even though Apple’s three-, five- and 10-year performance is still superior … short-term performance record has been shattered,” Gunderson wrote in an analysis for MarketWatch. “The stock’s short-term performance started turning sour back in October of last year and has only gotten worse since then.”
Gunderson does not deny that there are some clear positives and the stock looks good from a valuation point of view. However, he adds, the company’s earnings estimates and price target have come down drastically in the last few months and earnings momentum is contracting… (Read more)
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